The ‘Make in India’ Global Business Summit 2015 held at Singapore recently, encouraged investments from Singaporean enterprises to invest in India. Attended by more than 200 businessmen, the focus throughout was to invite investments, partnership and Joint ventures for Indian small and medium enterprises from these companies. The target is to get on board approximately 10000 SME’s working with Indian enterprises and to make a combined investments of $1 billion in the next 30 months.
Wooing Singapore's small and medium enterprises to venture into its market, India today said the time was right for a "quantum jump" in the bilateral economic relationship.
Prime Minister Narendra Modi's "Make in India" initiative is designed to build manufacturing sectors in the country through 25 sectors, including automotive, pharma, chemicals and textile, said Indian High Commissioner to Singapore, Vijay Thakur Singh.
"As Singapore companies internationalise to build scale, access new markets and customers, India can be the new location for manufacturing for Singapore companies," said Singh at the opening of the "Make In India" Global Business Summit 2015.
"Singapore companies would find Indian small and medium enterprises (SMEs) eager and good partners. In fact time is right for the quantum jump in our economic relationship," she added.
Elaborating on the strength of the Indian SMEs, Singh pointed out that the sector has generated growth of 10 per cent per annum in recent years.
"You would see a lot happening in India in innovation," she said.
"This new wave of SMEs would therefore be creating an ecosystem that would be gear to delivery of right products, right quality, the right solutions and the right service at competitive prices for both in the domestic and international markets," Singh said.
Touching on the bilateral relationship between Singapore and India, she said Singapore is important destination for Indian businesses, trade as well as Indian students and tourists.
"The 50 year milestone is an opportunity to celebrate and to build on the already strong base of our relationship to yet a further level," she said referring to the five decades of diplomatic relations between the two countries.
The summit, organized by the Singapore-based Prospur Events Pte Ltd, was attended by about 200 businessmen with India represented by a delegation led by the National Small Industries Corporation Ltd, headed by chairman and managing director Ravindra Nath.
Prospur Events chairman and managing director Pradeep Maithani said the summit has brought 40 MSMEs from India to hold one-to-one business venture discussions with SMEs from the South East Asian countries.
"This is beginning of our marketing programme for "Make In India", which includes tie-up and joint ventures between Indian and South East Asian enterprises," Pradeep Maithani, Prospur Events chairman and managing director, told PTI.
"Our target is to have 10,000 SMEs from the region join Indian enterprises with a combined investment of $ 1 billion by December 2017," Maithani said.
(Source: Economic Times)